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Investment Securities (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Schedule of Amortized, Gross Unrealized Gains and Losses, and Fair Value on Investment Securities, Available for Sale
The following tables present the amortized cost and fair value of investment securities, and the corresponding amounts of gross unrealized and unrecognized gains and losses including the corresponding amounts of gross unrealized gains and losses on investment securities available for sale recognized in AOCI, at the dates indicated:
September 30, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Investment securities available for sale:
U.S. government and agency securities$23,533 $— $(3,109)$20,424 
Municipal securities126,763 (19,965)106,805 
Residential CMO and MBS(1)
468,174 — (66,993)401,181 
Commercial CMO and MBS(1)
651,713 (54,505)597,213 
Corporate obligations4,000 — (220)3,780 
Other asset-backed securities18,317 62 (235)18,144 
Total$1,292,500 $74 $(145,027)$1,147,547 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Investment securities available for sale:
U.S. government and agency securities$68,912 $— $(5,053)$63,859 
Municipal securities171,087 172 (18,233)153,026 
Residential CMO and MBS(1)
479,473 — (55,087)424,386 
Commercial CMO and MBS(1)
714,136 19 (49,734)664,421 
Corporate obligations4,000 — (166)3,834 
Other asset-backed securities22,425 14 (522)21,917 
Total$1,460,033 $205 $(128,795)$1,331,443 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
Schedule of Amortized, Gross Unrecognized Gains and Losses, and Fair Value on Investment Securities, Held to Maturity
September 30, 2023
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
(Dollars in thousands)
Investment securities held to maturity:
U.S. government and agency securities$151,040 $— $(35,221)$115,819 
Residential CMO and MBS(1)
273,609 — (27,445)246,164 
Commercial CMO and MBS(1)
322,196 — (47,922)274,274 
Total$746,845 $— $(110,588)$636,257 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2022
Amortized
Cost
Gross
Unrecognized
Gains
Gross
Unrecognized
Losses
Fair
Value
(Dollars in thousands)
Investment securities held to maturity:
U.S. government and agency securities$150,936 $— $(33,585)$117,351 
Residential CMO and MBS(1)
290,318 — (17,440)272,878 
Commercial CMO and MBS(1)
325,142 — (41,937)283,205 
Total$766,396 $— $(92,962)$673,434 
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
Schedule of Amortized Cost and Fair Value Classified by Contractual Maturity Date on Investment Securities
The following table presents the amortized cost and fair value of investment securities by contractual maturity at the date indicated. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2023
Securities Available for SaleSecurities Held to Maturity
Amortized CostFair ValueAmortized CostFair Value
(Dollars in thousands)
Due in one year or less$14,139 $14,016 $— $— 
Due after one year through five years4,983 4,714 — — 
Due after five years through ten years43,247 38,366 83,252 66,660 
Due after ten years91,927 73,913 67,788 49,159 
Total investment securities due at a single maturity date154,296 131,009 151,040 115,819 
September 30, 2023
Securities Available for SaleSecurities Held to Maturity
Amortized CostFair ValueAmortized CostFair Value
(Dollars in thousands)
MBS(1)
1,138,204 1,016,538 595,805 520,438 
Total investment securities$1,292,500 $1,147,547 $746,845 $636,257 
(1) MBS, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their payment speed.
 
Schedule of Unrealized Losses on Investment Securities Available for Sale Unrealized Losses on Investment Securities Available for Sale
The following tables present the gross unrealized losses and fair value of the Company’s investment securities available for sale for which an ACL on investment securities available for sale has not been recorded, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position at the dates indicated:
September 30, 2023
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government and agency securities$— $— $20,424 $(3,109)$20,424 $(3,109)
Municipal securities17,390 (485)84,118 (19,480)101,508 (19,965)
Residential CMO and MBS(1)
35,167 (515)366,014 (66,478)401,181 (66,993)
Commercial CMO and MBS(1)
44,981 (785)549,283 (53,720)594,264 (54,505)
Corporate obligations— — 3,780 (220)3,780 (220)
Other asset-backed securities466 — 7,469 (235)7,935 (235)
Total$98,004 $(1,785)$1,031,088 $(143,242)$1,129,092 $(145,027)
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
December 31, 2022
Less than 12 Months12 Months or LongerTotal
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(Dollars in thousands)
U.S. government and agency securities$51,900 $(2,031)$11,959 $(3,022)$63,859 $(5,053)
Municipal securities82,580 (5,585)40,945 (12,648)123,525 (18,233)
Residential CMO and MBS(1)
217,949 (14,770)206,437 (40,317)424,386 (55,087)
Commercial CMO and MBS(1)
473,580 (16,971)181,692 (32,763)655,272 (49,734)
Corporate obligations3,834 (166)— — 3,834 (166)
Other asset-backed securities16,489 (510)721 (12)17,210 (522)
Total$846,332 $(40,033)$441,754 $(88,762)$1,288,086 $(128,795)
(1) U.S. government agency and government-sponsored enterprise CMO and MBS.
 
Schedule of Realized Gains and Losses on Sale of Investment Securities Available for Sale Realized Gains and Losses
The following table presents the gross realized gains and losses on the sale of investment securities available for sale determined using the specific identification method for the dates indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(Dollars in thousands)
Gross realized gains$— $— $36 $— 
Gross realized losses(1,940)— (2,262)— 
Net realized gains$(1,940)$— $(2,226)$— 
 
Schedule of Amortized Cost and Fair Value of Investment Securities Pledged as Collateral Pledged Securities
The following table summarizes the amortized cost and fair value of investment securities that were pledged as collateral for the following obligations at the dates indicated:
September 30, 2023December 31, 2022
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(Dollars in thousands)
State and local governments public deposits$242,616 $220,348 $156,784 $137,931 
FRB852,720 712,009 60,660 49,506 
Securities sold under agreement to repurchase28,104 25,654 63,685 55,836 
Other securities pledged53,883 45,922 54,910 48,358 
Total$1,177,323 $1,003,933 $336,039 $291,631